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Computer Programs and Systems, Inc. Announces Third Quarter 2009 Results

Posted by Dana in October 23rd 2009

Computer Programs and Systems, Inc. (NASDAQ: CPSI):

Third Quarter Highlights:

* Revenues of $33.0 million;
* Earnings per diluted share of $0.37;
* Cash used in operations of $1.2 million; and
* Quarterly dividend of $0.36 per share.

Computer Programs and Systems, Inc. (NASDAQ: CPSI), a leading provider of healthcare information solutions, announced results for the third quarter and nine months ended September 30, 2009.

The Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.36 (thirty-six cents) per share, payable on November 24, 2009, to stockholders of record as of the close of business on November 9, 2009.

Total revenues for the third quarter ended September 30, 2009, increased 8.7% to $33.0 million, compared with total revenues of $30.4 million for the prior-year period. Net income for the quarter ended September 30, 2009, decreased 1.8% to $4.0 million, or $0.37 per diluted share, compared with $4.1 million, or $0.38 per diluted share, for the quarter ended September 30, 2008. Cash used in operations for the third quarter of 2009 was $1.2 million, compared with $2.8 million of cash provided by operations for the prior-year period.

Total revenues for the nine months ended September 30, 2009, increased 7.3% to $94.0 million, compared with total revenues of $87.6 million for the prior-year period. Net income for the nine months ended September 30, 2009, increased 9.4% to $11.6 million, or $1.06 per diluted share, compared with $10.6 million, or $0.98 per diluted share, for the nine months ended September 30, 2008. Cash provided by operations for the first nine months of 2009 was $6.1 million, compared with $12.3 million for the prior-year period.

For the fourth quarter of 2009, the Company anticipates total revenues of $33.0 million to $34.5 million and net income of approximately $4.0 million to $4.2 million, or $0.37 to $0.39 per diluted share. CPSI’s 12-month backlog as of September 30, 2009, was $107.6 million, consisting of $22.9 million in non-recurring system purchases and $84.7 million in recurring payments for support, Business Management Services, ASP and ISP contracts.